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Tanger Outlet Centers and Simon form JV to open new outlet center
Houston -- Greensboro, N.C.-based Tanger Factory Outlet Centers and Indianapolis-based Simon Property Group announced Thursday that they have entered into a 50/50 joint venture agreement to develop a Tanger Outlet Center south of Houston, in Texas City.
Phase I is slated for 350,000 sq. ft. of brand name and designer outlet stores; the 55-acre site is expected to accommodate future expansion of about 120,000 sq. ft.
Tenant announcements and ground breaking ceremonies are slated for July; the center is scheduled to open in summer 2012.
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Gap to make Africa debut
San Francisco -- Gap announced Wednesday that it will open its first Gap store in Egypt this July, and its first Gap and Banana Republic stores in Morocco in October.
The move is part of the retailer’s global expansion strategy that calls for doubling its franchise stores to 400 by fiscal year 2014.
Gap started shipping to Egypt, Morocco and South Africa in 2010, but these stores are the first on the continent.